Exhibit 10(iii)(A)
Employment
Agreement Between ParTech, Inc. and A. Edwin Soladay
December 3, 2008
VIA FEDERAL EXPRESS
Mr. A. Edwin Soladay
1521 Winding Creek Road
Prosper, Texas 75078
RE: ParTech, Inc. - Offer of Employment
Dear Mr. Soladay:
It is my pleasure to confirm the verbal offer of
employment as
discussed. You will be employed by
ParTech, Inc. ("PTI") as
President ParTech, Inc. from January 1, 2009 through December
31,
2011.
Salary and Bonus
You will be compensated at an annualized salary rate of
$325,000
for each year ("Annual Salary"), paid-biweekly. In addition,
you
will be eligible for an
Annual Bonus in cash
through
participation in the PAR Incentive Compensation
Plan at 50% of
your Annual Salary.
Deferred Compensation Plan
You will be eligible to
participate in PAR's Deferred
Compensation Plan, details of which will be
provided to you at
your time of hire.
Travel Expenses and Housing Allowance
During the first twelve (12) months of your employment
(January
1, 2009 through December 31, 2009) PTI will provide you with
the
following:
o Reimbursement for reasonable
travel expenses for you and
your spouse to and from your home in
Dallas, Texas.
o Housing allowance of up to $2,000 per
month.
Stock Options
You will receive 125,000 Stock
Options on your date of hire,
which will vest be in accordance with the following schedule:
o 50,000 Options January 1, 2009
o 19,000 Options January 1, 2010
o 20,000 Options January 1, 2011
o 21,000 Options January 1, 2012
o 15,000 Options January 1, 2013
<PAGE>
Benefits
All full-time PAR employees are
eligible for a CORE set of
benefits effective on the first day of their
employment. These
CORE benefits are as follows:
o Vacation - you will accrue at
a rate of 13.33 hours per
month, which represents 4 weeks of vacation per year
o Paid Time Off (PTO) - 5 days per year
o New York State Disability Insurance
o Life Insurance
o PAR's Wellness Program
o PAR Technology Corporation
Retirement Plan {Consisting of
both 401(k) and Profit Sharing}
o 401(k) - matched by company at 10%
o New Employees are automatically enrolled
at the 3% level in
the T. Rowe Price Date Funds.
o Profit Sharing -
100% contribution by PAR
Technology
Corporation
o Paid Holidays - 7 days per year
PAR's benefit package also includes an Employee Choice Plan
with
options as follows:
o Health, Dental, and Vision Insurance
o Short-Term Disability Insurance
o Long-Term Disability Insurance
o Supplemental Life Insurance
o Spouse and dependent child/children life
insurance
o Flexible Spending Accounts
for Unreimbursable Medical
Expenses and Dependent Care
With the exception of Flexible Spending Account
contributions,
co-payments, deductibles, unreimbursable
medical and dental
expenses, or any other amounts not
covered by the company's
insurance benefits listed above, the
company shall pay for the
full cost of your insurance benefit premiums for yourself and
any
eligible dependents.
Car Allowance
During the term of your employment, PTI will provide
you with a
car lease allowance of up to $600 per month.
Relocation Costs
In order to assist with your relocation, PTI will
reimburse you
for reasonable documented relocation expenses including:
Transportation of household
furnishings and other personal
effects through a carrier approved by PTI,
including two (2)
personal automobiles and up
to $5,000 in miscellaneous
reimbursable moving related expenses.
Termination of Employment
Your employment may be terminated only under the
circumstances
set forth below. The "Termination Date" shall be the last date
of
your employment with PTI.
<PAGE>
By PTI for Cause
PTI may terminate your employment for
cause at any time upon
written notice. Upon termination for cause,
PTI shall have no
further obligation or liability
to you relating to your
employment, other than any Annual Salary earned but
unpaid, and
any accrued but not yet received benefits, in each case,
through
the
Termination Date ("Accrued Payment). No stock options
shall
vest after the Termination Date and you shall not be entitled
to
any further or continued payment of insurance premiums.
Cause
Any
one or more of the following events
or conditions shall
constitute "Cause" for purposes of this Letter:
the Employee's
(i) failure or refusal to follow, after receipt of written
notice
and an opportunity to cure, any written rules or policies of
PTI,
(ii) embezzlement, theft, misappropriation of assets or
property
(tangible or intangible) of PTI, or material
dishonesty; (iii)
gross negligence, misconduct, fraud, or breach of fiduciary
duty
to PTI; (iv) violation of federal or state securities
laws; (v)
breach of this Agreement or any other agreement
with PTI; (vi)
unauthorized disclosure or use
of any trade secret or
confidential information of PTI; (vii) act(s)
creating adverse
publicity for PTI; (viii) breach of any of your
representations
to PTI; or (ix) conviction, including a plea of
guilty or nolo
contendere, of a felony or any other
crime involving moral
&nbs
